A "cashless" financial environment has resulted from the widespread use of financial cards such as ATM ("Automated Teller Machine") cards, credit cards, and the like, in order to facilitate financial transactions. The average person now has a number of such financial cards.
The current norm in "cashless" financial transactions is the use of "non-smart" cards, i.e. cards having no memory or logic devices embedded therein. Such "non-smart" cards only contain information for initiating a debit or charge process with a financial services provider through use of a computer network, but do not provide means for accessing financial information such as pertinent credit or debit balances without access to such a computer network.
Consequently, in order to be able to access up-to-date financial information, including credit and debit balances, means have been provided for recording financial transactions effected using a plurality of financial cards and then storing the same in a memory, and accessing up-to-date financial data from said memory at a later date.
For example, U.S. Pat. No. 4,857,409 provides for an electronic book-keeping devices comprising an input keyboard having a plurality of input keys for the entry of the amount of money to be paid for the purchase made by using each of a plurality of credit cards, a storage means for storing charges one for each credit card, and means for updating the charge associated with one of the cards used. This electronic bookkeeping device also includes means for sequentially displaying the charges associated with the respective credit cards at the time of entry of the amount of the money in the order from the highest charge down to the smallest charge so that, in the case where the charge displayed is found not exceeding the credit line and the amount of the charge plus the amount of purchase if found appropriately balancing with the charges of the other credit cards, one for the credit cards which is associated with the charge displayed can be selected. Means for selecting data to a particular financial card are provided by particular keys on the device's input keyboard.
U.S. Pat. No. 5,272,319 teaches a memory holder for a financial card which provides a compartment for holding one financial card, calculator, and memory for processing and storing transactions related to same financial card. This memory holder also provides a warning means for reminding the user of this device to record any new transaction once the financial card has been re-inserted in the device.
It is an object of this invention to provide for a simple and effective electronic device for accessing, processing, and storing financial data related to a plurality of financial cards comprising an input means, memory, selecting means, and microcontroller. The selecting means in particular provides a simple and easy-to-use interface with the memory.
The electronic devices of the type referred to above are only useful if they are used each time the financial cards are used in a financial transaction. Otherwise, financial data becomes inaccurate immediately, and updating past financial transactions generally requires waiting for bank statements or obtaining an account update through various means, and inputting any financial transaction not previously recorded in the device. Updating financial data in such devices is further aggravated by the fact that there is generally a data time lag even in regard to the most up-to-date data available from financial service providers.
For such an electronic device to be used regularly, it is essential that it be very easy to use, and that its operation mirror as closely as possible the normal use of financial cards: when the user desires to make a purchase, a financial card is removed from its holder, the card is used to process the financial transaction, and then the card is returned to the holder. If all that is required to operate such an electronic device is to record such transaction before returning the financial card to its compartment, the electronic device is likely to be used regularly. Conversely, if additional steps are required to access data relating to the financial cards, in order to then record a particular financial transaction, the electronic device is more likely not to be used regularly, resulting in stale data that needs to be updated.